Productivity climbs in third quarter

Output grew 8.8 percent in the third quarter, faster than at any time since the fourth quarter of 1992, when it increased 9.8 percent (seasonally adjusted annual rates). Hours worked in the nonfarm business sector rose 0.7 percent, reflecting a 0.3-percent gain in employment combined with a 0.4-percent increase in average weekly hours at work.

After revisions, nonfarm business productivity increased 7.0 percent in the second quarter of 2003, as output grew 4.6 percent and hours declined 2.2 percent.

These data are from the BLS Productivity and Costs program. Productivity is measured here as output per hour of all persons. Data are subject to revision. Additional information is available in "Productivity and Costs, Third Quarter 2003" (PDF) (TXT), news release USDL 03-674.